Soma Oil & Gas Exploration completed the processing and reprocessing of the acquired 2D seismic data in Somalia acquired by SeaBird Exploration in H1 2014.
The seismic program consisted of over 20,500 km lines of 2D across 114,000 sq km of offshore evaluation acreage.
Soma will provide the processed data to Somalia’sMinistry of Petroleum & Minerals. The processed seismic data will be placed in the Ministry’s data room in Mogadishu, as well as at a data room in London and a virtual data room.
To date, the company has invested approximately $40 million on the exploration program, more than double the required spend under the terms of the Seismic Option Agreement.
Soma Oil & Gas will serve the Notice of Completion of the Exploration Program by the start of August.
Robert Sheppard, CEO of Soma Oil & Gas, said:“Within twenty months of signing the Seismic Option Agreement, Soma has not only completed the acquisition of over 20,500 km lines of 2D seismic data in offshore deep water, with no security or HSE incidents, but has now finalized the processing and reprocessing of the acquired data which will now be gifted to the Ministry of Petroleum & Mineral Resources. This is a remarkable achievement for both the Company and the Federal Government of the Republic of Somalia.”
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